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Is it compulsory for Body Corporates/Owners Corporations to obtain an Australian Business Number (ABN)?

April 26, 2017ABN Australian body Business compulsory corporates corporations obtain owners

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Is it compulsory for Body Corporates/Owners Corporations to obtain an Australian Business Number (ABN)?

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ATO Position Registration for an ABN and the Goods and Services Tax (‘GST’) are two separate processes. Registration for an ABN is optional. However, if their annual turnover exceeds $50 000, they will be required to be registered for GST. It is possible to register for an ABN without having to register for GST. A Body Corporate/Owners’ Corporation may apply for an ABN without being registered for GST purposes if their annual turnover is less than $50 000.